Principles of Microeconomics / Unit 2 MIC 0140 short lesson, about 20 seconds
Efficiency Is Not Equity
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The idea
Demand reflects ability to pay, so markets serve higher incomes more. Any income distribution yields an efficient allocation; whether it is fair is normative, which the model cannot settle.
In practice
Give one household all the income and the market serves it efficiently.
Where people slip
The questions are separate: a society can prefer another distribution and still want it allocated efficiently; waste helps no one.
Your place on the trail
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